Compensation for Cree Inc.’s new chief executive officer totaled $13.4 million for the fiscal year 2018, following the company’s better-than-expected third and fourth quarters, according to a filing with the Securities and Exchange Commission.

Gregg Lowe, who took over from former CEO Charles Swoboda in September 2017, was paid a salary of $580,666 for the fiscal year 2018, although his annual base salary stands at $825,000. Lowe’s compensation also included an incentive award of $859,904, based on company performance, and additional compensation of $399,651.

Lowe was also awarded shares in company stock worth approximately $11.6 million upon taking his position on Sept. 27, 2017, about three months into the company’s fiscal year, which began in July.

Lowe has previously served as president and CEO of Freescale Semiconductor, a semiconductor manufacturing company based in Austin, Texas. He also served as a senior vice president at Texas Instruments, where he worked for 28 years.

The next highest-paid executive at Cree, behind Swoboda, was Michael McDevitt, former executive vice president and CFO. McDevitt took home $2.0 million in total compensation for the fiscal year. He announced his retirement in June 2018.

Cree’s annual meeting will be held Monday, Oct. 22 at 12:30 p.m. Eastern time, at the Cree Lighting Experience Center, located at 4408 Silicon Drive in Durham.

The company’s shares were trading at $40.50 on Friday, down 20.9 percent from a high of $51.22 in August.

Since Lowe has held the position, Cree’s stock price has increased 46.1 percent from $27.73.